Who would not like to have an apartment near the sea or a house in the middle of nature? If this is our case, it could be that we need financing to formalize the sale. To do this, many banks offer PHH mortgages for second homes designed for customers who want to increase their wealth by paying little by little for it. In the following article, we will highlight three mortgage loans designed for this purpose that could fit different profiles: clients who have fewer savings, clients who prefer to repay the money in more time, and clients who do not want to be linked to any entity.
ING Variable Orange Mortgage: up to 75%
In general, entities usually offer financing of between 60% and 70% for the purchase of second homes. However, with the Orange Variable Mortgage from ING, we will not need so many savings, since this bank increases the amount financed up to 75% for its clients.
For the purchase of second homes, ING offers an interest rate of 2.09% during the first year and Euribor plus 1.09% thereafter. Of course, to access this credit with the subsidized interest, it is necessary to domicile a minimum income of 600 euros and sign home insurance with the entity and another life insurance.
One of the advantages of the Orange mortgage is that it does not have any type of commission and we can return the outstanding balance within a period of up to 25 years.
Bankia Variable Mortgage: 30 years to finish paying
If we prefer a longer repayment period to be comfortable with the payment of installments, we may be interested in contracting Bankia’s Variable Commission-Free Mortgage. With interest from 1.99% during the first year and from Euribor plus 0.99% afterward, we can extend the repayment period up to 30 years.
Another positive aspect of this credit for the purchase of a second home is that you only have to domicile the payroll, which will have to be at least 1,200 euros per month among all the holders.
Of course, if we decide on the Bankia mortgage, we will have to have savings that cover the remaining 40% of the price of the property (it only finances up to 60%) and the entity will apply a penalty if we want to change banks or of wanting to review the conditions through a novation.
Coins Variable Mortgage: without linkage
Lastly, if what interests us is not having to be linked in any way with the entity, Coinc’s Variable Mortgage could be the offer we are looking for. This entity offers financing of up to 60% for the acquisition of second homes with an initial interest of 1.89% and Euribor plus 0.99% from the second year.
In addition, this product does not have any type of commission and the only condition is that we open a free account from which to pay the fees.
As an additional advantage, it should be noted that, as it is an online mortgage, the contracting process is completely telematic and we can request financing without leaving home.
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